"At first look, we would characterize [these] results as a relief and as a sign that so far the damage from Cambridge appears contained, although this will be a long three to six months ahead to steer through this storm", GHB Insights analyst Daniel Ives said in a research note.
Facebook stock was up more than 7 percent in after-hours trading following earnings.
Facebook as well as other companies that are data-reliant have gradually been introducing new privacy controls for some of their users on the lead up to the laws going into effect on May 25.
"In retrospect it was a mistake", said Schroepfer.
"We did not read all of the terms and conditions", Schroepfer admitted. Revenue was up 49 percent year-over-year to $11.97 billion, beating analysts estimates of $11.41 billion.
The company also said it has approved a plan to boost its share buyback program by $9 billion.
Facebook has said the personal information of about 87 million users might have been improperly shared with political consultancy Cambridge Analytica, which worked on Donald Trump's 2016 presidential election campaign. They are probably even less concerned about this data - about tastes, purchases, kinks and choices - being used by "third parties" to throw information, even misinformation, at them, tailored according to their Facebook-reflected choice.
"Most are disturbed at an individual level with what happened, but there's nothing that made Facebook overly toxic - yet", he said.
Facebook's chief operating officer Sheryl Sandberg reiterated that a handful of advertisers had paused their spending but the company hadn't witnessed a major trend.
Facebook noted that it expects European user growth to stall when the EU's GDPR regulations come into affect on 25 May.
"Ads is a great business model that's aligned with our mission. this is something that we at Facebook are very proud of, and we think it's the right way to build a service", he said.
The conference call offered analysts the first chance to grill Zuckerberg and his top execs.
Facebook's technical boss is facing British a committee of British MPs after CEO Mark Zuckerberg refused to attend in person.
The commission also wants to see an independent network of fact-checkers set up to help police the platforms and keep their users, and society, safe.